WOODLAND HILLS—Berkadia, a Berkshire Hathaway and Jefferies Financial Group company announced their arrangement for an interim loan for a new mixed-use development commercial facility at the site of the Fry’s Electronics store at 6100 Canoga Ave.
Silverpoint Capital, a credit and special situations investments company, originated the three-year floating rate loan. Senior Managing Director, Cutt Ableson of Berkadia’s Houston office, secured the loan on behalf of Kaplan Companies based in Houston, Texas.
Kaplan Companies plans to develop a multi-family, commercial office space throughout eight acres of land at the Woodland Hills Warner Center 2035.
“The Warner Center business district is one of the most active locations for development in the San Fernando Valley, with an advantageous location right on U.S. 101 and minutes from Interstate 405,” said Ableson.
“With the Warner Center 2035 Specific Plan in place by the City of Los Angeles, the area is expected to see about 28 million square feet of commercial and office space and bring 24,000 new residential units, offering development opportunity in only 1.5-square-miles within the Woodland Hills neighborhood.”